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20121129
20121207
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KPIX (CBS) 19
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English 19
Search Results 0 to 18 of about 19 (some duplicates have been removed)
. >> here's the key. i don't think they can do a two-step deal unless we agree to long-term deficit reduction. the uncertainty will remain. that is in a sense, kicking the can down the road. and that is the worst outcome. >> here's what you can do. you can come up with an agreement on the big framework of an overall deal before want fiscal cliff. how big is the deal going to be? how much in revenues? how much are we going to do with entitlements and then it has to go through the committee of jurisdiction how to do tax reform right and health care right. you need to come up with a top line parent of the deal and make sure it's big enough to fix the problem. one of the concerns i have is start negotiating down and down and down and not really fix the problem and there's no impetus to finish up. >> they have to scale back the cliff, the tax increases and spending cuts. the second is the debt ceiling. and the third thing is the path to fiscal sustainability, the long-term deficit reduction, tax reform, reforms to the entitlement programs that get to us a stable g.d.p. in the future. and
? >> reporter: scott, this republican counterproposal today is long on reducing the deficit and saving big on medicare, but it leaves the two sides still hundreds of billions of dollars apart and they are not close on the basic approach to solve the fiscal cliff. in a letter to the president, house republicans called their offer a fair middle ground. it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans have refused to consider it. the biggest difference by far is in how to raise new revenues. republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of
trillion and due to expire in february without more deficit reduction. >> history shows that the only major deficit cutting deals we ever do around here ever comes after debates over the debt ceiling. it may be a good idea if you don't care about the debt, but it's a nonstarter for those of us who do. >> reporter: public opinion generally is on the president's side. house republicans are not paralyzed or powerless. in fact, they're more unifyied behind speaker boehner than they were on the debt crisis a year ago. why does this matter? the white house is noticing if there is a deal boehner can find the votes to pass it. >> thanks. we want to give you an idea of what's really at stake here. rebecca jarvis has a lock at how the government spends money and how it could spend less. rebecca, good morning. >> good morning. >> it comes up in terms of the money we're talking about in raising rates. how much is it that the republicans are objecting to? >> if you lock at that $250,000 number, if you were to raise taxes on everybody making $250,000 or more in this countr
shared his optimism and stocks closed higher. congress must reach a compromise on the deficit reduction plan by the end of the year. otherwise, tax hikes will automatically kick in. >>> talk about a power lunch. president obama and mitt romney, who will dine at the white house together tomorrow afternoon. this will be the first time they have met since their final debate. the meeting will be private. no aids and no media. >>> armed with guns and sledgehammers, the daring bay area jewelry heist that took 75 seconds to pull off. >>> well, that and $7 will get you a cup of coffee. what's so special about starbucks' new brew? >>> a $580 million jackpot is up for grabs tonight. now california wants in on the action. how soon until you can play powerball? ,, sledgehammers, hit a bay ara jewelry store. it happened in los gatos. c5 reporter kiet >>> they were in and out in a flash. two thieves waving guns and sledgehammers hit a bay area jewelry store. it happened in los gatos. kiet do shows us just how quickly they struck. >> reporter: for employees at this fine jeweler's, the surveillance vid
will go from 4.2 percent to 6.2 percent. $115billion a year that will go to deficit reduction instead of being pumped into the economy. those in favor of allowing the tax cut to expire argue money for social security payments has to come from somewhere. although he says that somewhere will mean doing without some of the basics. >> it might be a pair of sneakers. it might be the jacket they want to go to school with in the winter. >> the debate in washington is not about the federal budget it's about his family's. jim axle rod cbs news west new york new jersey. >> where in the world is john macafy. why he high tailed it to a luxury resort to try and clear his name. >>> plans to build a little dog park turned into an epic fight in one bay area city. (car horn) paying with your smartphone instead of cash... (phone rings) that's a step forward. with chase quickpay, you can send money directly to anyone's checking account. i guess he's a kicker... again, again! oh, no you don't! take a step forward and chase what matters. fire. and in this case, bushels of pot, as well. a two-alarm house f
are going to get paid back on some of that sunshine. we have a deficit in that. we'll get it back thursday, friday, saturday, sunday. we are not going to be warm, highs in the 60s. next week dry with cold nights and sunny but chilly afternoons. that's the cbs 5 forecast. >> thank you. >>> should california's mental health workers be allowed to try to make gay teenagers straight? the federal ruling today on conversion therapy. >> i enjoy doing this. giving back to the communities and kids. >> how bay area prison inmates are helping spread holiday cheer. ,, well, well, well. growing up, we didn't have u-verse. we couldn't record four shows at the same time. in my day, you were lucky if you could record two shows. and if mom was recording her dumb show and dad was recording his dumb show then, by george, that's all we watched. and we liked it! today's kids got it so good. [ male announcer ] get u-verse tv with a total home dvr included free for life. only $29 a month for six months. rethink possible. only $29 a month for six months. [ traffic passing ] ] ♪ [ music box: lullaby ] [ man on tv
of it right, then a lot of the other issues surrounding deficit reduction in a fair and balanced, responsible way are going to be a whole lot easier. >> reporter: white house officials say mr. obama is not interested in personally meeting with congressional republicans because those meetings did little to resolve the 2010 debt ceiling crisis. but when mr. obama later skipped congressional meetings and campaigned to extend the 2% payroll tax cut and maintain lower student loan interest rates, he won. the president is primarily focused on step one of this process-- winning the middle class tax cut debate. step two is being led by his treasury secretary jim geithner and liaison rob nabors. they are going to work with congress on spending cut and other fiscal cliff details. the first meeting will be tomorrow on the hill. >> pelley: major, president said today he thought all this could be done by christmas. why does he think so? >> reporter: because that is the big takeaway, scott, from the president's conversation on saturday with house speaker john boehner. the two agreed it was in foeryone's be
and stocks closed higher. congress must reach a compromise on the deficit reduction plan by the end of the year. otherwise, tax hikes will automatically kick in. >>> talk about a power lunch. president obama and mitt romney, who will dine at the white house together tomorrow afternoon. this will be the first time they have met since their final debate. the meeting will be private. no aids and no media. >>> armed with guns and sledgehammers, the daring bay area jewelry heist that took 75 seconds to pull off. >>> well, that and $7 will get you a cup of coffee. what's so special about starbucks' new brew? >>> a $580 million jackpot is up for grabs tonight. now california wants in on the action. how soon,,,,,,,,,,,,,, every time someone chooses finish over cascade, it sparks a movement. look ! no ugly spots ! and see that shine ! you've got to try finish. because once they try finish, they can't keep it to themselves. i'm switching for good. wow ! awesome ! finish is seriously good. cannot believe how great it works. incredible shine. i won't use anything else. love, love, love finish !
. congressional republicans called it an insulting joke. here's the big picture-- $4 trillion of deficit reduction over the next 10 years. it includes $1.6 trillion in higher taxes on households make manage more than $250,000. there's also $400 billion in cuts to entitlement programs, like medicaid and medicare, as well as others. there is also fresh new aending. $50 billion next year in stimulus spending, all for infrastructure. the white house calls this an opening bid. house republicans call it a rehash of old ideas and also object to the idea of a white house asking a permanent legislative remedy to raising the debt ceiling, all of it, the republicans say rather, is unacceptable. now much of this was conveyed in a 28-minute phone conversation yesterday between president obama and house speaker john boehner. both sides describe that conversation, scott, as direct and candid. those are words custom early reserved for diplomacy between sworn adversaries and tonight that might be where we are. >> pelley: major, thanks very much. now, have a look at these two pictures. president obama and mitt romn
-term deficits and we should do ethics help growth in the short term like rebuilding american infrastructure, helping americans with their mortgages, extend unemployment benefits. we show a way to pay for those in our plan in that context. that's what we think makes the most sense. of course, we're open to suggestions. there are going to be other ideas from democrats, other ideas from republicans. we can take a look at those ideas and evaluate them but not until we see them. >> schieffer: bottom line, though, is you're going to-- you're going to have to have more revenue and you expect to get it from upper income americans. you think they ought to pay more. >> we're going to have higher rate and higher revenue interest just 2% of americans. in any event% of americans do not need to see and are not going to see an increase in their marginal tax rates. that's a commitment of president. i think we're going to get there. the republicans have conceded-- and this is important-- they're prepared to raise revenue, raise taxes as part the deser deal but they haven't told us how far they're willing to
which he issued last week. they say their plan would cut $2.2 trillion from the federal deficit over ten years. with $600 billion in health care cuts, $300 billion in cuts to mandatory spending and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says his plan will raise taxes on the rich, bringing in $1.6 trillion. republicans want to close tax loopholes and eliminate deductions, which they say will raise $800 billion in new revenue. >> the president has a huge responsibility to work together with congress and find a solution to avert the fiscal cliff. >> reporter: and they say it's now up to the president to find a plan that can pass both chambers of congress. so now that each side has rejected the other's first offer, it's going to be interesting and important to watch the timing of the next offer on the part of the white house t
last week. they say their plan would cut $2 .2 trillion from the federal deficit over 10 years. but $600 billion in healthcare cuts, $300 billion in cuts to mandatory spending, and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says his plan will raise taxes on the rich bringing in 1.6 trillion. republicans want to close tax loopholes and eliminate deductions to raise $800 billion in new revenue. >> the president has a huge responsibility to work together with congress and find a solution to avert the "fiscal cliff." >> reporter: and they say it's now up to the president to find a plan that can pass both chambers of congress. susan mcginnis, cbs news, washington. >>> time now 4:40. santa comes early for some facing foreclosure. the promise being made to certain people struggling to keep their homes. >> plus the white hou
, pay cut contributions will go from 4.% to 6.2%, that's $115 billion a year that will go to deficit reduction instead of being pumped into the economy. heidi cherholts is an economist. >> it's less money for consumers to spend that means the demand for goods and services will drop. who provides goods and services? workers. so employment will fall. >> reporter: those in favor of allowing the tax cut to expire argue money for social security payments has to come from somewhere. with although mejia says that somewhere will mean doing without some of the basics. >> might be a pair of sneakers. might be that jacket that they want to go to school with in the winter. might be those pair of boots that they want to go and keep warm. >> reporter: for john mejia, the debate in washington is not about the federal budget it's about his family's. jim axelrod, cbs news, west new york, new jersey. >> pelley: well, a lot of families with tight budgets will be happy to hear this next story: the housing market is coming back. we got a report today that says home prices in october had their biggest gai
contributions will go from 4.2% to 6.2%. that's $115 billion a year that would go to deficit reduction instead of being pumped into the economy. heidi sherholtz is an economist. >> it's less money for consumers to spend, that means that the demand for business services will drop, who provides goods and services, workers, so employment will fall. >> reporter: those in favor allowing the tax cuts to expire argue money for social security payments has to come from somewhere. although john says that somewhere will mean doing without some of the basics. >> might be a pair of sneakers. >> reporter: might be a jacket. might be those pair of boots that they want to go there and keep warm. >> for john the debate in washington is not about the federal budget it's about his family's. jim axelrod, cbs news, west new york, new jersey. >> early this morning a tentative deal was reached to end the strike that shut down this nation's largest port complex. workers are expected to return to work this morning. clerks at the ports of los angeles and long beach, california had been on strike for eight days. the de
a billion- dollar deficit for the 2013-14 year so a lot of challenges with a lot of inexperienced people so we'll see how they deal with it very soon. >> i'm sure voters would like to see some things get done. but time will tell. thank you, grace. >>> the u.s. supreme court is keeping the political world in suspense over the issue of gay marriage. justices once again did not decide today that they will take up the case. they will meet again friday to determine which petitions they will hear next year. >> it's like well we have so many cases on the docket let's just nut off until next week. no big deal and that's what happened. so it's really the dog that didn't park. it's a case that hasn't been resolved yet and we are just waiting. >> here's what's at stake. if the court denies a review, marriages could start in days. otherwise the status quo maintains until the appeal plays out. >>> the bizarre tactic john mcafee said he used to evade authorities when left belize. >>> i'm len ramirez in san jose where there was another murder over the weekend pushing san jose's homicide rate to a 20 year
a republican counter offer. >> john boehner sent a proposal that offers more than $2 trillion in deficit reductions but no tax increase. >> he will not sign an extension of the bush era tax cuts for the top 2%. >> folks worried about the fiscal cliff, are you like me? are you worried about it and have no idea what it is? >> according to state tv iran's revolutionary guard captured a u.s. drone after it entered the iriranian air space over the persian gulf. >> but u.s. navy official says there are no missing drones. >> prince william and his wife katherine, expecting their first child. >> after the duchess was admitted to hospital. >> that child could grow up to be one of the most powerful unemployed people in the world. >> a search is under way in new york for a man accused of pushing another man to his death in the subway. >>> rg3, he made opportunities. >> 17-16 washington redskins. >> all that -- >> why don't you shut up? >> you are an embarrassment. >> please shut up. just shut up. >> you shut up. >> that got annoying at the end. >>> and all that matters. >
: here are the big white house numbers. for $4 trillion deficit reduction in ten years, $1.6 trillion comes from households earning more than $250,000 a year. $400 billion in entitlement cuts in program like medicare and medicaid and $50 billion in new spending next year for inf infrastructu infrastructure. there's another idea. a permanent cease fire on raising the debt ceiling now $16 trillion that would allow it to rise automatically. republicans use the debt ceiling last year to extract spending cuts and they don't want to give up that leverage. >> there's a lot of things i've wanted in my life but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, there's going to be some price tag associated with it. >> reporter: the white house still seat tchlsiethes over las fight and doesn't want a replay. >> to ensure that the united states of america pays its bills and does not default for the first time in its history is deeply irresponsible. >> reporter: the more both sides talk, the more complications they discover. the white hou
. >> reporter: the white house proposal includes $4 trillion in deficit reduction, $400 billion in cuts to entitlement and $50 billion in infrastructure. john boehner said the proposal doesn't go far enough. >> there's a stalemate. let's not kid ourselves. >> reporter: congressman eric cantor agrees. >> that offer is not a serious offer. they are asking for $1.6 trillion in tax hikes and nowhere near that number in spending reform. >> reporter: house minority leader nancy pelosi says any delay in a compromise is harmful to consumers and the market. >> the country cannot afford nor should we even think in terms of stalemate. >> reporter: pelosi is pushing gop leaders for a vote to extend middle class tax cuts. the senate has approved the extension but republicans object and instead want all of the bush era tax cuts to be extended including those covering people making over $250,000 a year. anthony? >> anna werner. thanks. for more on the consequences of the fiscal cliff we're joined by robert greenstein the founder and president of budget priorities which analyzes propos
Search Results 0 to 18 of about 19 (some duplicates have been removed)